Starting one’s own business is a great idea and this has always been the dream of so many aspiring/intending entrepreneurs. An Entrepreneur usually can identify several business opportunities/ideas which may come up at once; in this case, he is faced with the problem of choice especially as the resources for investment may be limited. Here, the entrepreneur must rely on instinct and analytical techniques, seek counsel, and listen carefully to his family, banker, lawyer and accountant as the case may be. He needs to screen all the opportunities to identify those that are profitable before spending his scarce resources on evaluating the viability of such opportunities.
Having identified the one that is viable or worthwhile, the next thing advisable is to develop a plan of action. This naturally will guide the entrepreneur or the prospective entrepreneur on how to go about subsequent phases required before launching the proposed business. A successful business plan will include but is not be limited to the following: The type or nature of business one wishes to run, the business goals and ways these could be realised, and a proper outline of marketing strategies. The business plans may be formally written especially when third-party funding or investors are required or informal as the case may be. He must always remember that if he fails to plan, he has automatically planned to fail.
Having spelt down the plan of action, the next thing would be to implement this plan by financing. So many entrepreneurs begin new businesses by funding from their savings while some others seek loans or investors. How much capital he requires to get started might depend on the kind of business he wishes to start. Usually, this is spelt out in the business plans. Intending entrepreneurs and those already practising should bear in mind that most businesses fail as a result of insufficient start-up capital.
Obtain relevant License(s)/Permit(s) and or Approval from the appropriate governmental bodies or agencies.
Before launching the business, he needs to assess himself, his experience and skills and possibly look for partners or skilled employees who can complement his abilities. An Intending entrepreneur may have to attend some business skills development courses, workshops, or seminars, or seek some form of technical support or expertise.
IMPORTANT POINTS TO NOTE:
Please ensure you note the following points before starting a new business:
- You must have knowledge of your target customers and their needs.
- You must endeavour to choose the most appropriate business structure.
- Make sure you read well any business agreement and contents well understood before you sign them; possibly, obtain professional advice.
- As a beginner, always be in control of your FINANCE
- Locate your business in the right place. Business location is an important factor to consider before starting your business, especially for services or business that entails retailing. The particular location you choose can spell business success or failure. Thus, an entrepreneur might want to devote good time, energy and resources to choosing an ideal business location.
Now that the business has been launched, the entrepreneur should not forget to do the needful: promote the business; people should in one way or the other know what he has got to offer them. To achieve this, he must plan well his marketing strategy: advertisement, networking (social media is a great tool for this), public relations, etc. He must always ensure his customers are satisfied. He must also make sure he is on top of other competitors; by offering good quality products and services at comparatively fair prices.